The San Antonio Spurs have officially announced they have re-signed Richard Jefferson:

The San Antonio Spurs announced today that they have re-signed Richard Jefferson. Per team policy, terms of the deals were not disclosed. (spurs.com)

Many around the NBA celebrated the Spurs trading for Jefferson and felt he was the missing piece to push the team into serious title contention and possibly dethrone the Los Angeles Lakers.

However as the season progressed, Jefferson looked lost in the Spurs system and in the end drew the ire of Spurs fans and most calling the trade a “bust.” Jefferson averaged 12.3 points and 4.4 rebounds during the regular season. A drop in his production while he was with the Milwaukee Bucks in the 2008-2009 NBA season.

His numbers also dipped during the playoffs, where he averaged 9.4 points a game. Such production was not smiled upon by fans especially considering he was receiving close to $15 million last season.

While Spurs fans may not be celebrating his re-signing, he was one of the better free agents that was left on the market at his position.

Though terms of the deal were not disclosed, it has been reported the new deal will keep the Spurs under the luxury tax threshold.

UPDATE:

The breakdown of Jefferson’s deal is for four years at $39 million dollars. The breakdown is as follows: $8.4 million in 2011, $9.3 million in 2012, $10.2 million in 2013, and $11 million in 2014,with the final year partially guaranteed. (source Express News)